Report Ocean presents a comprehensive research report on Offshore Oil & Gas Paints and Coatings, analyzing 150+ country markets and leveraging 1,00000+ annual reports. Crafted by top experts and researchers, this report ensures accuracy through authentic sources and robust methodologies like S.W.O.T., P.E.S.T.E.L. analysis, and regression analysis. It delves into technology, innovation, regulations, and future prospects in the Offshore Oil & Gas Paints and Coatings industry.
The global offshore oil & gas paints and coatings market size was US$ 539.6 million in 2021. The global offshore oil & gas paints and coatings market is expected to grow to US$ 761.9 million by 2030 by registering a compound annual growth rate (CAGR) of 4.7% during the study period from 2022 to 2030.
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Offshore oil and gas exploration activities frequently cause the equipment on vessels to accumulate corrosion and filthy layers, which are then coated to provide further protection. Offshore oil and gas installations require coatings that can survive high dissolved oxygen levels, seawater abrasion, UV exposure, weather extremes, and harm to marine life. These coatings have characteristics that enable them to withstand the rigors of underwater cleaning as a result.
Factors Influencing the Market
Rapidly growing urbanization will primarily drive the growth of the offshore oil & gas paints and coatings market. Moreover, other factors like rising global energy demand and rising consumption of onshore oil & gas resources will drive the demand for cost-effective alternatives. Therefore, it will present potential prospects for the offshore oil & gas paints and coatings market during the analysis period.
The offshore oil and gas paints and coatings sector is driven by the fact that consumers of painting and coatings benefit from increased heat resistance in offshore or subsea activities by using coatings to withstand extreme pressures and salt water.
The market expansion, however, is being somewhat constrained by the high cost of raw materials and environmental issues connected to the production of volatile organic compounds by chemical organic coatings.
COVID-19 Impact Analysis
Due to the COVID-19 disease outbreak, governments imposed partial or complete lockdowns, which led to the shutdown of various production facilities. Various countries like the U.S., China, Japan, India, and Germany witnessed the dramatic impact of the pandemic, which, in turn, hampered the growth of the offshore oil & gas paints and coatings market. For the oil, gas, and chemical industries, the COVID-19 effect and changes in oil prices are proving to be a two-pronged disaster. The Organization of the Petroleum Exporting Countries (OPEC) decided to reduce production by 1.5 million barrels daily. The COVID-19 epidemic has significantly increased the risk for individuals engaged in oil extraction and processing, destroyed oil demand, and driven down oil prices.
Regional Analysis
Region-wise, the Asia-Pacific offshore oil & gas paints and coatings market is expected to hold dominance, owing to the rapidly growing urbanization and economic development. Further, the rapid rise in energy demand will increase the consumption of onshore oil & gas resources. Therefore, it will contribute to the growth of the Asia-Pacific offshore oil & gas paints and coatings market during the analysis period.
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Competitors in the Market
3M CO.
AKZONOBEL N.V.
HEMPLEL A/S
KANSAI PAINTS CO., LTD.
NIPPON PAINTS CO. LTD.
PPG INDUSTRIES, INC.
THE SHERWIN-WILLIAMS COMPANY
WACKER CHEMIE AG
Jotun
A&A Coatings
Other Prominent Players
Market Segmentation
The global offshore oil & gas paints and coatings market segmentation focuses on Resin, Installation, and Region.
Offshore Oil & Gas Paints and Coatings Market, By Resin
Epoxy
Polyurethane
Alkyd
Acrylic
Inorganic Zinc
Others
Offshore Oil & Gas Paints and Coatings Market, By Installation
Jackups
Floaters
Drillships
Semisubmersibles
Others
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Offshore Oil & Gas Paints and Coatings Market, By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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